Govt cuts petrol, diesel prices by Rs14, Rs13.5/Litre

December 15, 2023 (MLN): The caretaker federal government on Friday announced a significant reduction in fuel prices, as the price of petrol and diesel witnessed a cut of Rs14 and Rs13.50 per litre, respectively.

After taking into account these cuts, petrol and High-Speed Diesel (HSD) price will now stand at Rs267.34 and 276.21 per litre, respectively.

The notification further shows that the government slashed the prices of Kerosene (SKO) and Light Diesel Oil (LDO) by Rs10.14 and Rs11.29 per litre to Rs191.02 and Rs164.64 per litre, respectively. 

The new prices will be effective from December 16, 2023.

To note, in the previous fortnight, the caretaker government decided to maintain the petrol price, while reduced price of diesel by Rs7 per litre to Rs289.71.

This positivity is credited to a noteworthy decline in oil prices in the international markets and a further strengthened Pakistani Rupee (PKR) during this fortnight.

The domestic currency extended its upward momentum by achieving its fifth straight weekly victory against USD, mainly due to positive sentiments in the market after the succesfull staff-level agreement with the International Monetary Fund (IMF).

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